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Research · S&P 500 · Information Technology
FICO · Fair Isaac
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
42/55
moderate value score11 of 12 checks scored11 of the 12 checks that carry a score were scored from the data available. 1 could not be scored (ROE Trend) and was left out, so the score is out of 55 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
5/5Diluted EPS: $14.18 (2022), $16.93 (2023), $20.45 (2024), $26.54 (2025). It rose every year; the framework scores that as 5.
ROE Trend
Not scoredShareholder equity is negative in 2022, 2023, 2024, 2025, so ROE has no meaningful value and is not scored.
ROIC
5/5ROIC of 90.8%: operating income of $924.85M divided by $1.02B of capital (total assets $1.87B minus current liabilities $849.22M), fiscal year to Sep 30, 2025, as filed in the 10-K (SEC EDGAR). The framework scores above 20% as 5.
Profit Margins
5/5Net margin of 34.1%; the framework scores above 20% as 5; gross margin 85.1%, operating margin 53.8%.
Balance sheet & cash
Debt-to-Equity
1/5Shareholder equity is negative, so debt-to-equity has no meaningful value (total debt $5.60B, total cash $248.44M). The framework scores negative equity as 1. Calculated from the balance sheet in yfinance (at Jun 30, 2026) because yfinance's summary figure was not available.
Free Cash Flow
4/5Free cash flow (operating cash flow minus capital expenditure): $503.42M (2022), $464.68M (2023), $607.41M (2024), $739.40M (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $2.96B (2022), $3.39B (2023), $3.90B (2024), $4.55B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $34.54 x (8.5 + 2 x 20.0) x (4.4 / 4.5) = $1,637.96 (EPS CAGR 25.2% capped at 20%). Current price $771.19; price is 52.9% below the model value.
DCF Value
4/5FCF/share = $35.856, stage 1 growth = 14.7% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $203.61, PV of terminal value = $650.37, DCF value = $853.98. Current price $771.19; price is 9.7% below the model value.
Margin of Safety
4/5Graham value $1,637.96 (price is 52.9% below the model value); DCF value $853.98 (price is 9.7% below the model value).
Price-to-Book
1/5Book value is negative; the framework scores negative book value as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 10 of 10 years (2016-2025); lowest 17.4%, highest 90.8%.
Gross margin, each year
Between 68.7% and 82.2% over 10 years (a range of 13.5 points).
Competition, in the company’s own words · 10-K filed Nov 7, 2025
The market for our solutions is intensely competitive and is constantly changing. Our competitors vary both in size and in the scope of the products and services they offer. We encounter competition from several sources, including: • in-house analytic and systems developers; • developers and providers of neural networks, machine learning, and AI systems; • fraud solutions providers; • scoring model builders; • providers of credit reports and credit scores, including consumer reporting agencies; • software companies supplying predictive analytic modeling, rules, or analytic development tools; • entity resolution and social network analysis solutions providers; • providers of customer engagement and risk management solutions; • providers of account workflow management software; • business process management and decision rules management providers; • enterprise resource planning and customer relationship management solutions providers; • business intelligence solutions providers;
The opening of the company’s “COMPETITION” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
3/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $3.75B paid out against $2.31B of free cash flow (fail: paid out more than free cash flow); total debt $1.91B to $3.07B, up 60.8%, 3.2x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 0.03B to 0.02B, down 5.5% (pass). 2 of 4 tests passed; the framework scores that as 3.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $34.54, g = 20.0%, Y = 4.5
g capped at 20.0% (3-year EPS CAGR was 25.2%)
IV = $1,637.96
Current price $771.19 vs Graham value $1,637.96 — price is 52.9% below the model value.
DCF:
FCF/share = $35.856
Stage 1 growth = 14.7% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $41.127 → PV $37.388
Y2: $47.173 → PV $38.986
Y3: $54.107 → PV $40.652
Y4: $62.061 → PV $42.389
Y5: $71.184 → PV $44.200
Stage 1 PV sum = $203.61
Terminal value at end of Y5 = $1,047.43
PV of terminal value = $650.37
DCF value = $853.98
Current price $771.19 vs DCF value $853.98 — price is 9.7% below the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $771.19. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
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